A New Guide to Post-Keynesian Economics

by Holt; Richard P. F.

• ISBN13: 9780415229821
• ISBN10: 0415229820
• Format: Nonspecific Binding
• Copyright: 2001-10-12
• Publisher: Routledge

Summary

Eichner's classicA Guide to Post-Keynesian Economics (1978)is still seen as the definitive staging post for those wishing to familiarise themselves with the Post-Keynesian School. This book brings the story up-to-date. Of all the subgroups within heterodox economics, Post-Keynesianism has provided the most convincing alternative to mainstream theory. The main representatives of Post-Keynesianism from both sides of the Atlantic are represented here, including Paul Davidson, Geoff Harcourt and Sheila Dow.

Table of Contents

List of figures	x
List of contributors	xi
Foreword	xiii
Geoff C. Harcourt
What is Post Keynesian economics?	1	(10)
Richard P.E. Holt
Steven Pressman
Introduction	1	(1)
The development of Post Keynesian thinking	2	(4)
The new Post Keynesian guide	6	(5)
Post Keynesian methodology	11	(10)
Sheila Dow
Introduction	11	(1)
Philosophical foundations	12	(1)
Post Keynesian methodology	13	(4)
Unresolved issues	17	(1)
Conclusion and policy implications	18	(3)
Pricing	21	(11)
Marc Lavoie
Introduction	21	(1)
Varieties of cost-plus pricing	22	(3)
Determinants of the markup	25	(2)
Important complications	27	(1)
Policy implications and future research	28	(4)
The distribution of income	32	(10)
James K. Galbraith
Introduction	32	(1)
Brief statement of the starting position	32	(2)
The argument since 1978	34	(2)
Toward a macroeconomic theory of personal income distribution	36	(3)
Evidence on the macro-theory of income distribution	39	(1)
Summary and conclusions	39	(3)
Tax incidence	42	(10)
Anthony J. Laramie
Douglas Mair
Introduction	42	(1)
The orthodox theory of tax incidence	43	(2)
The Post Keynesian approach	45	(5)
Conclusion	50	(2)
Uncertainty and expectations	52	(13)
J. Barkley Rosser Jr
Introduction	52	(1)
Keynes on uncertainty and expectations	53	(2)
Post Keynesian perspectives on unvertainty and expectation	55	(4)
Conventions and bounded rationality in forming expectations	59	(1)
Open questions and policy implications	60	(5)
Labor and unemployment	65	(14)
John E. King
Introduction	65	(1)
Theoretical foundations	65	(7)
Policy issues	72	(2)
Unfinished business	74	(3)
Summary	77	(2)
Money and inflation	79	(13)
L. Randall Wray
Introduction	79	(1)
A brief overview of the orthodox approach to money	79	(1)
Keynes, Knapp, and the neo-Chartalist approach	80	(1)
The Post Keynesian approach to money and inflation	81	(7)
Policy implications	88	(4)
Macrodynamics	92	(10)
Mark Setterfield
Introduction	92	(1)
Harrod and the genesis of modern macrodynamics	93	(1)
Responses to Harrod: demand versus supply-side visions of growth	93	(1)
The characteristics of demand-led growth	94	(2)
Other prominent features of Post Keynesian macrodynamics	96	(1)
Avenues for further research	97	(1)
Policy implications	98	(4)
The role of the state and the state budget	102	(12)
Steven Pressman
Introduction	102	(1)
The neoclassical view of the state	103	(1)
Keynes and the role of the state	104	(1)
Two critiques of the Keynesian view of the state	105	(2)
A Post Keynesian theory of the state	107	(4)
Policy implications	111	(3)
International monetary arrangements	114	(12)
John Smithin
Introduction	114	(1)
Development of the international monetary system	115	(2)
The search for stability	117	(2)
Keynesianism in one country?	119	(3)
Concluding remarks	122	(4)
A look ahead	126	(5)
Richard P.F. Holt
Steven Pressman
Index	131